To succeed insurers will need to adopt APIs & leverage the ecosystem around these to service potentially infinite alternative distribution channels. First mover advantage is key, says Charlotte Koep, COO Root Platform.
APIs are essential for every business, not just insurers. APIs are indispensable to businesses with complex value chains, for which insurance businesses fit that description.
APIs reduce complexity by centralising the value chain. They facilitate daily interactions between applications, individuals and businesses.
Root offers an end-to-end API-first platform. This platform is part of the whole policy life cycle, including distribution, administration, payments, claims, carriers and reinsurers.
There are an increasing number of players in the ecosystem, all making insurance better. Those that don’t embrace the ecosystem will get left behind. Early adopters of APIs will get ahead.
In the vlog, Charlotte explains, “APIs are the product that glue the ecosystem together.” She adds that insurers must look to embed API-ready systems into their businesses today, in order to innovate around their customers tomorrow.
To succeed insurers will need to adopt APIs and leverage the ecosystem around these to service potentially infinite alternative distribution channels: APIs are the answer.
